RE:[sap-acct] Journal entries for the Intecompany transaction in SAP
Posted by
Admin at
|
Share this post:
|
|
0 Comments
 | Posted by Vidhyadhar (User-friendly Consultant) on Mar 29 at 11:55 PM |  Mark as helpful |
Hi Shivram
*On 29 March 2010 you had sought to know the journal entries which would be
passed with regard to the sale of a laptop from a company code in Canada to
a buyer in the United States of America. at a price of 1100$ ( which
includes tax of 100$) *
I guess this requires more of accounting knowledge and not much of SAP.
I assume that asset , customer and vendor masters have been duly created in
the respective company codes and properly mapped to reconciliation accounts
in the General Ledger. I am also furnishing entries from an FI perspective
without delving much into integration aspects)
The entries could be:
*In the books of the American Buyer:*
*1. Activity : Release of Purchase Order*
Impact : No Accounting impact
*2. Activity : Receipt of Computer *
Impact :
Laptop Computer Account (*) Debit : 1100
(am assuming it to be procurement of fixed asset under Computers Class)
Clearing Account
Credit : 1100
*3. Activity : Receipt of Vendor Invoice *
Impact :
Clearing
Account Debit : 1100
Canadian Vendor Account (*) Credit :
1100
(Am not commenting on the Tax part of it since I am in India and am not
conversant with prevalent Tax Procedures in the USA / CANADA, Please excuse
my ignorance on this count)
(*) the entry hits the Assets and Vendor Sub-ledgers and also gets updated
in the respective General Ledger Reconciliation Accounts
*In the books of the Canadian Seller:*
*1. Activity : Receipt of Purchase Order*
Impact : No Accounting impact
*2. Delivery of Laptop Computer with Sales Invoice:*
Impact :
American Customer Account (*) Debit
: 1100
Output tax Account
Credit : 100
Sales Revenue Account
Credit : 1000
(am assuming it to be sale of current asset in the hands of the Canadian
Company Code)
(Am not commenting on the Tax part of it since I am in India and am not
conversant with prevalent Tax Procedures in the USA / CANADA, Please excuse
my ignorance on this count)
(*) the entry hits the Customer Sub-ledger and also gets updated in the
respective General Ledger Reconciliation Account
Try it out....and share with me any new findings.....
Regards
VidhyaDhar
---------------Original Message---------------
From: shivaramp
Sent: Monday, March 29, 2010 3:33 PM
Subject: Journal entries for the Intecompany transaction in SAP
> Hi all
>
> Can you give me Journal entries for the following transaction
>
> Company A based in canada sells laptops to Customer XyZ and goods delivered from Company B based in USA. Cost of laptop 1000$ and tax is 10%
>
> I need all the entries
> PO No impact
> For goods receipt and Invoice receipt including tax
>
> Thanks in Advance
> -S
__.____._ *On 29 March 2010 you had sought to know the journal entries which would be
passed with regard to the sale of a laptop from a company code in Canada to
a buyer in the United States of America. at a price of 1100$ ( which
includes tax of 100$) *
I guess this requires more of accounting knowledge and not much of SAP.
I assume that asset , customer and vendor masters have been duly created in
the respective company codes and properly mapped to reconciliation accounts
in the General Ledger. I am also furnishing entries from an FI perspective
without delving much into integration aspects)
The entries could be:
*In the books of the American Buyer:*
*1. Activity : Release of Purchase Order*
Impact : No Accounting impact
*2. Activity : Receipt of Computer *
Impact :
Laptop Computer Account (*) Debit : 1100
(am assuming it to be procurement of fixed asset under Computers Class)
Clearing Account
Credit : 1100
*3. Activity : Receipt of Vendor Invoice *
Impact :
Clearing
Account Debit : 1100
Canadian Vendor Account (*) Credit :
1100
(Am not commenting on the Tax part of it since I am in India and am not
conversant with prevalent Tax Procedures in the USA / CANADA, Please excuse
my ignorance on this count)
(*) the entry hits the Assets and Vendor Sub-ledgers and also gets updated
in the respective General Ledger Reconciliation Accounts
*In the books of the Canadian Seller:*
*1. Activity : Receipt of Purchase Order*
Impact : No Accounting impact
*2. Delivery of Laptop Computer with Sales Invoice:*
Impact :
American Customer Account (*) Debit
: 1100
Output tax Account
Credit : 100
Sales Revenue Account
Credit : 1000
(am assuming it to be sale of current asset in the hands of the Canadian
Company Code)
(Am not commenting on the Tax part of it since I am in India and am not
conversant with prevalent Tax Procedures in the USA / CANADA, Please excuse
my ignorance on this count)
(*) the entry hits the Customer Sub-ledger and also gets updated in the
respective General Ledger Reconciliation Account
Try it out....and share with me any new findings.....
Regards
VidhyaDhar
---------------Original Message---------------
From: shivaramp
Sent: Monday, March 29, 2010 3:33 PM
Subject: Journal entries for the Intecompany transaction in SAP
> Hi all
>
> Can you give me Journal entries for the following transaction
>
> Company A based in canada sells laptops to Customer XyZ and goods delivered from Company B based in USA. Cost of laptop 1000$ and tax is 10%
>
> I need all the entries
> PO No impact
> For goods receipt and Invoice receipt including tax
>
> Thanks in Advance
> -S
Copyright © 2010 Toolbox.com and message author.
Toolbox.com 4343 N. Scottsdale Road Suite 280, Scottsdale, AZ 85251
Toolbox.com 4343 N. Scottsdale Road Suite 280, Scottsdale, AZ 85251
VidhyadharSAP Accounting Helper
Posted helpful replies on 5 threads in a group to earn a Bronze Achievement
Related Content
In the Spotlight
White Papers
In the Spotlight
Earn Recognition for Your Contributions at Toolbox for IT. Gain Points for Community Achievements
View this thread online
Manage group e-mails
Create an FAQ on this topic
Tell us what you think
Unsubscribe from discussion
Manage group e-mails
Create an FAQ on this topic
Tell us what you think
Unsubscribe from discussion
_.____.__ 
